The Enforcement Directorate (ED) in Bhopal has arrested Kishan Modi, director of Jayshri Gayatri Food Products Private Limited, in connection with an alleged dairy export fraud. According to the agency, the company exported dairy products using fake laboratory test reports and earned foreign exchange worth ₹20.59 crore.
After arrest, Modi was produced before a special court in Bhopal, which sent him to ED remand till March 18 for further questioning. The ED investigation found that Jaishree Gayatri Food Products sells dairy items under the Milk Magic brand and exports products such as ghee, cheese and butter to foreign markets.
To make the export process easier, the company allegedly obtained fake laboratory test reports from an export inspection agency in Indore. Using these reports, the products were cleared for export and sent abroad. The agency said the company earned around ₹20.59 crore in foreign exchange through these exports.
The ED has classified the amount as proceeds of crime under money laundering laws and is investigating the possible role of other people and institutions linked to the case.
The agency had earlier carried out raids at locations linked to the company during the investigation. The case had drawn attention at that time after Modi’s wife allegedly consumed poison during the searches. Payal Modi, the wife of Kishan, the owner of Jayshri Gayatri Foods Private Limited, attempted to take her own life by consuming poison in Bhopal. Payal ingested rodenticide from her home and was rushed to Bansal Hospital.
The Enforcement Directorate (ED) had conducted search operations at the premises of Jayshri Gayatri Food Products Private Limited in Bhopal, as well as in Sehore and Morena districts. The search was conducted under the Prevention of Money Laundering Act (PMLA) 2002, with CRPF personnel present.
A purported suicide note by Payal Modi had surfaced, in which Union Minister Chirag Paswan and five others were named. The individuals mentioned include Chandra Prakash Pandey, Ved Prakash Pandey, Sunil Tripathi, Bhagwan Singh Mewara, and Hitesh Punjabi. The note alleged that all these individuals have been using Chirag Paswan’s political power to orchestrate raids by CGST, FFSI, EOW, and ED on Modi’s companies.
A total of 63 fake certificates were discovered by ED. These were used to export adulterated milk products, which were sold in several countries. The certificates had originally been issued to other companies or obtained fraudulently.
PNB Exposure in Jayshri Gayatri Food
AIPNBOF GS Shri Krishna Kumar informed that Punjab National Bank has a significant amount of exposure in this company. He criticized the zonal manager for causing substantial loss to the bank.
It is likely that the company may face more trouble due to ongoing investigations, which could lead to financial losses. If the company is unable to bear these losses, it may default on its loans, and PNB could also be affected.
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